All Forum Posts by: Ryann Kluthe

Midtown crossing is a good area, but not for development like that. I thought you were referring to purchasing single family residential long term holds. Cory, do you work with multifamily complexes of that size? Carlo, i am not the agent to help you on something like that. I stick to 4 units or less.

Midtown is an awesome area for investment properties. Its very student oriented which makes for great rent prices. And with a proper lease in play you won't run into them being reckless and throwing parties. Let me know if you have questions. I'd be happy to set up a phone call to discuss your goals and see if we would be a good team with my feet on the ground for you.

Can anyone give me opinions on the tenant screening website they use?

I use tenantreports.com and I've been happy with it. $25 for an application to run credit and background checks. I get them back same day and the tenant can log in to pay their own application fee.

I have someone telling me I should be using tenant data which is $45 for credit and background check 

Aren't they all the same reports? Or should I be switching?

Also interested in any other website suggestions

Keep it and let tenants pay down your mortgage. Yes, your costs might go up, but so will the rent, and no one is building new in that area. $1,000 is great cash flow, yes i understand your debt is high, but would you rather have 5 lower priced properties to deal with and make maybe $12,000 cash flow but have a lot more headache.....

I think you'll be happy you kept it 20 years from now

@Dmitriy Fomichenko I totally agree with you. I don't rely on just myself to give this kind of advice. I always make sure to tell clients they should seek the advice of an accountant, lawyer, or financial advisor for issues that I do not have full knowledge of. I would prefer to either get some kind of formal education on the matter as I have with real estate if I am going to be giving out advice. These questions are merely for my information and brainstorming ways for clients to come up with buying power. Thank you for the link.

Call me with details....I may be interested in partnering 

Totally hit or miss. However, do not throw out the entire deal just because it is section 8. One of the agents in my office at Berkshire is making a killing in North omaha with his buy and holds-not all his properties have the best tenants and they tend to need more clean up after a lease ends however at the lower end purchase price your cash flow is great.....and your agent should be your eyes on the ground. Have them send you videos and make a list of what needs done right away and what will be in the 5 year plan....that's what i do for my San Diego investors.

So great to have all my questions answered by experts! Thank you everyone. It did drum up so more questions for me when I was reading the answers.

For myself, i do have a Solo 401K. however I'm curious about the IRA for clients that are interested in purchasing buy and holds.

Can you charge yourself a property management fee out of the IRA?

Also, if you sell the property, would the IRA have to pay capital gains?

If so, could that fall into a 1031 exchange?

Are there no tax deductions for interest and depreciation? 

I would like to learn more about the use of an IRA for the purchase of buy and hold properties. Are these properties held in an LLC that your own or in your personal name? Can you use these funds for any property, whether it be single family or multi unit/conversion, or does it need to be an approved property? My cash flow from this property would go back into the IRA correct? If we need any repairs or updates would those come from the IRA? How does this work if I use funds from my IRA for a down payment and take out an a loan for the rest? Would my mortgage payment come out of the IRA? How does that work when it comes time to taxes and write offs?

Out of curiosity, what did you pay to set up your self-directed IRA and how much do you pay annually?

I have wood floors in all of my rentals. I prefer them. You will have to re-sand and redo them much less often than you will have to replace stained carpet. They are easier to clean as well. I would charge the tenants even if it means taking their entire deposit.

I actually have a special part of my lease that states I will keep their entire deposit if they damage the hardwood floors as this cost is more than their deposit to have the floors redone. I also require they use furniture pads on all furniture-which I provide to them at the beginning of the lease so they have no excuse not to. I have every tenant read this part of the lease and initial next to it. I also have photos of each smaller scratch which I didn't charge for so I know what was there before-as a landlord I've accepted I'll probably have to touch them up (not fully redo) every 7 years or so.

Also, Max is correct. You can do it more than twice. I've lived in two of my rentals before I rented them while we were fixing them up. We have a 70 pound dog and our floors did not get damaged from him. I've had 3 dogs in one of my rentals with hard wood floors and they did not get damaged. The back yard and back screen door weren't so lucky with those dogs. Sounds like this is no one's fault but your tenants as their dog had to of been running around acting wild or maybe they did not maintain his nails? Either way, sorry to hear your floors were damaged. They sound beautiful.

Hope this helps!